Quantitative Analyst Consultant, Model Validation - Financial Crimes & Compliance

This is a remote role that may be hired in several markets across the United States.

The Quantitative Analyst Consultant position is within First Citizens Bank's Model Risk Management (MRM) team, with a primary focus on conducting validations of the Bank's fraud models. Our Financial Crimes and Compliance model inventory encompass a diverse range of models, including both machine learning and rules-based systems. To provide an effective challenge, subject matter expertise is essential. A successful candidate must possess strong knowledge of AI/ML and have a thorough understanding of the workflow of a transaction or an application entry/submission to filing of a claim.

• • Conduct independent model validations to ensure fraud models align with business objectives and design objectives. Verify that models are performing as expected. Identify potential limitations, which includes assessing potential impact.
  • Write detailed model validation reports that present the results from executing a thoughtful and thorough model validation plan.
  • Communicate the model validation findings to model owners, senior management, and regulatory agencies as required.
  • Perform annual reviews and review the on-going monitoring reports to ensure that the models are performing as intended.
  • Interact with all key stakeholders including model users, model owners, vendors, Model Risk Governance, and other Validators throughout the model lifecycle including validation, ongoing performance evaluation.
  • Suggest enhancements to the existing fraud validation process including Validation templates, on-going monitoring of models, automation of repetitive tasks.

  You may be asked to help guide junior team members on model validations.

Bachelor's Degree and 6 years of experience in financial, statistical, or quantitative analysis experience OR High School Diploma or GED and 10 years of experience in financial, statistical, or quantitative analysis experience

Preferred Qualifications:

Advanced degree (master's or Ph.D.) in a quantitative field (e.g., Data Science, Operations Research, Finance, Applied Statistics, or a related quantitative discipline).

Minimum 10+ years of experience in model development and implementation or model validation within the financial industry. Minimum 6+ years of fraud analytics experience with software (such as Python, SAS, R).

• Experience developing or validating fraud models (including card transaction models, wire transactions, check processing, account opening, customer verification, etc.)
• Well-versed with various performance metrics and the use cases for each, including Kolmogorov-Smirnov, Value Detection Rate, Incident Detection Rate, Area Under Curve, Population Stability Index, Character Stability Index, Precision, Recall, False Positive Ratio, etc.
• Experience maintaining or validating vendor developed models.
• Good writers of technical reports.
• Strong analytical skills and ability to find patterns in transactional data.
• Advanced programming skills in Python, SQL, SAS, or R.
• Experience using SQL to pull data from enterprise warehouse databases.
• Experience developing and/or validating AI/ML models and rule-based models.
• Exceptional understanding of the banking industry and business lines.
• Experience communicating validation standards and technical concepts to key stakeholders.
• Good understanding of federal guidance related to model risk management

This job posting is expected to remain active for 45 days from the initial posting date listed above. If it is necessary to extend this deadline, the posting will remain active as appropriate. Job postings may come down early due to business need or a high volume of applicants.

If hired in NC, SC, or UT the base pay for this position is generally between $135,000.00 and $175,000.00. If hired in CA, NY, or NJ, the base pay for this position is generally between $150,000.00 and $195,000.00. Actual starting base pay will be determined based on skills, experience, location, and other non-discriminatory factors permitted by law. For some roles, total compensation may also include variable incentives, bonuses, benefits, and/or other awards as outlined in the offer of employment.

Benefits are an integral part of total rewards and First Citizens Bank is committed to providing a competitive, thoughtfully designed and quality benefits program to meet the needs of our associates. More information can be found at https://jobs.firstcitizens.com/benefits.